In a bid to ease transport through territorial waters, South Korea and Iran have signed a maritime agreement centring round shipping and fisheries, according to the International Business Times.
The deal offers Korean companies access into markets in oil-rich Iran.
A previous PTI report stated that the ending of sanctions on Iran comes at a time when the global economy is suffering difficulties and although more is needed than the boost in trade resulting from fresh Iranian trade; it is something of a fillip for the global marketplace.
Joo Hyung-hwan, South Korean Minister of Trade, Industry and Energy recently met with Ali Tayeb Nia, Iran’s Minister of Economy and Finance in order to sign an initial Memorandum of Understanding.
Nia said: “[Seoul] agreed to undertake a total of approximately US$15 billion of financing for implementation of Iranian production plans.
“South Koreans were also eager to participate in Iran’s auto-making, oil, gas and tourism industries.”